Venezuelan opposition leader hails Bitcoin as a ‘lifeline’

María Corina Machado discussed Bitcoin’s role in helping Venezuelans combat hyperinflation and economic collapse in an interview.

Machado discussed the economic challenges faced by Venezuelans in a recent interview with Alex Gladstein of the Human Rights Foundation, published in Bitcoin Magazine. They talked about how Bitcoin (BTC) acts as a financial hedge for citizens under the Chávez and Maduro regimes.

Machado pointed out that the national currency, the bolívar, has been hit by inflation, losing 14 zeros since 1999. She described Bitcoin as a “lifeline,” allowing Venezuelans to bypass government-controlled exchange rates and preserve and recover their wealth.

“We envision Bitcoin as part of our national reserves, helping rebuild what the dictatorship stole.”

María Corina Machado

Venezuela’s economic turmoil

Machado’s remarks come amid widespread economic turmoil, where inflation peaked at 1.7 million percent in 2018, crippling the economy despite Venezuela’s vast oil reserves. 

Bitcoin has emerged as a tool of resistance, providing a way for citizens to protect their savings and fund their escape from the country.

In the aftermath of Venezuela’s presidential election in July 2024, which saw protests against Nicolás Maduro’s re-election, the Venezuelan government blocked access to Binance and other online platforms, including X (formerly Twitter). Binance confirmed the access issues but assured users their funds were safe. 

The government also ended using its state-backed cryptocurrency, Petro, amid scandals and inefficiencies. 

Fellow opposition figure Leopoldo Lopez also praised crypto in 2023, particularly stablecoins, in overcoming financial censorship and volatility. Despite Maduro’s control over the banking system, Lopez noted that crypto was used to distribute aid to healthcare workers during the pandemic, benefiting 65,000 people

Looking forward, Machado envisions Bitcoin becoming a part of Venezuela’s national reserves, helping rebuild the nation’s economy and ensuring financial autonomy as the country recovers from years of dictatorship.